Oil pushes inflation to two-year high

PERSISTENTLY higher oil prices have kept annual inflation at a two-year high of 3% in the 12 months to end October 2005.

In September, the high energy factor was responsible for pushing the inflation rate to 3% where it has held in October, according to the latest figures from the Central Statistics Office.

On the European Union’s preferred HICP measure, Irish inflation fell to 2.7% year-on-year from 2.8% in September, well above the euro-area average of 2.5%.